Any latest information?

[xeroc]

So is it possible to transfer BitUSD bought from BTSX market to Bitshares Music blockchain? Or are they totally separated but just only use the same name?

there will be cross-chain trading for bitAssets .. such as the bitUSD

[toast]

you can "transfer" them with cross-chain trading

[clayop]

So is it possible to transfer BitUSD bought from BTSX market to Bitshares Music blockchain? Or are they totally separated but just only use the same name?

[xeroc]

will we have our keyhotee founder names registered there aswell?

[tonyk]

Not that anybody cares BUT,

I for one am against this music DAC because of:

1)ONLY 10% for PTS and AGS and

•5% to our development team;
•5% to the founders;
•25% to the PeerTracks corporation;

whoever the 'founders' and 'PeerTracks corporation' are

2) Repeated  Ethereum stupidity - total supply of shares to be arrived based on money received and chosen arbitrary ratio (i.e. 2000 Notes per BTC)


1) Is insultingly low for PTS and AGS
I will not repeat myself regarding, what I think of, people having IPO and saying we will keep 25% - in short -"We get all the money + 25% free shares" ridiculous...

2) Is pretty stupid idea in itself.

[tonyk]

It will use internal market just like BTSX.

And the justification for this is....?
Just cause they can?

[santaclause102]

you are doing a good job keeping things simple.

We are almost there: how is that legally for an artist to issue shares in his success? As far as I understood, the artistcoinholders will get a share in the artist profits and not just some product like with kickstarter....

[toast]

It will use internal market just like BTSX.

[tonyk]

Ok, got it.

(in the form of BitUSD but Notes are what the collateral is on the back end)

This means you have your own BitAssets on your BitShares Music blockchain?

Good for you!

I still have no clue what those Music bitUSD are?

or How are they backed by the notes?

Look at it this way.

BitUSD is not really a "thing" or a coin, it's 1 USD worth of BTSX. So when you are trading around a BitUSD, you are actually trading around 1 US dollar's worth of purchasing power of crypto... something. On the BitSharesX platform, 1 BitUSD is 1 US dollar's worth of BTSX.

On the BitShares Music Blockchain, the unit is the Note. So if you want to trade 1 BitUSD, you are really trading 1 US dollar's worth of Notes. Which takes the form of a BitUSD.

They both look like a digital US dollar, only if you open it up, one is collateralized by BTSX then other is collateralized by Notes.

I could get a loan at a bank, for 10k USD. They might ask for collateral. I could offer up my Honda Civic.
My friend could go to the bank and also ask for a 10k USD loan. He could offer up his VW Jetta as collateral. We both would have a 10 000 USD loan, but his is back a one type of car, mine is backed by another.

Not the best analogy but I hope it helps haha.

Also yes, Cross chain trading will be an eventual feature in the bitshares space. Bytemaster said so in another thread.

I thought the question was simple:
Are you going to have full fledge market (like BTSX ) for your musicBitUSD or it will be reserved for development team +the founders +
PeerTracks corporation to issue those musicBitUSD?

[cob]

Ok, got it.

(in the form of BitUSD but Notes are what the collateral is on the back end)

This means you have your own BitAssets on your BitShares Music blockchain?

Good for you!

I still have no clue what those Music bitUSD are?

or How are they backed by the notes?

Look at it this way.

BitUSD is not really a "thing" or a coin, it's 1 USD worth of BTSX. So when you are trading around a BitUSD, you are actually trading around 1 US dollar's worth of purchasing power of crypto... something. On the BitSharesX platform, 1 BitUSD is 1 US dollar's worth of BTSX.

On the BitShares Music Blockchain, the unit is the Note. So if you want to trade 1 BitUSD, you are really trading 1 US dollar's worth of Notes. Which takes the form of a BitUSD.

They both look like a digital US dollar, only if you open it up, one is collateralized by BTSX then other is collateralized by Notes.

I could get a loan at a bank, for 10k USD. They might ask for collateral. I could offer up my Honda Civic.
My friend could go to the bank and also ask for a 10k USD loan. He could offer up his VW Jetta as collateral. We both would have a 10 000 USD loan, but his is back a one type of car, mine is backed by another.

Not the best analogy but I hope it helps haha.

Also yes, Cross chain trading will be an eventual feature in the bitshares space. Bytemaster said so in another thread.

[xeroc]

Goal 1 is the pre-sale. So will just be focusing on the crypto world. Since
they are the only ones that can actually purchase some Notes (they alone have
BTC) So as soon as our little landing page / pre-sale page is finished, we will
be marketing towards the crypto people.

Can help out on reddit and a little bitcointalk

Once the Pre-sale is done. Then we will be marketting to the music world. We
let Eddie go to town on all his contacts.
On a peer 2 peer level, if you guys know any bands or musicians, point them our
way. Link them to our newsletter sign up, to our (upcoming) explainer videos,
etc. Eddie will focus on the big names, but this is for everyone, every
local band should understand how turning their fans into promoters can
help their career!

- Please checkout jamendo.com and try to get in contact with them!!
- I will contact some local bands ..

I will be a fixed price in BTC for a fixed amount of Notes. Very similar to
what Ethereum did. I believe they started with 2000 ether for 1btc, then scaled
it down each few weeks. We are doing the same.  Only the final amount of Notes
will not be decided yet. Meaning Notes cannot sell out. So if only 1000 Notes
sell in the pre-sale. then that means the total amount of notes on the
blockchain will be 2222.22 Notes.  If 1 million Notes sell, that means the
total amount of Notes at Genesis block will be 2 222 222 Notes.

Could you please go over the numbers again and make sure we do not get the
maidsafe/mastercoin effect on PTS. In other words: if the deal is better for
BTC than PTS will tank.
Already have a number or nodes per btc?

[santaclause102]

Ok, got it.

(in the form of BitUSD but Notes are what the collateral is on the back end)

This means you have your own BitAssets on your BitShares Music blockchain?

Good for you!

I still have no clue what those Music bitUSD are?

or How are they backed by the notes?

Also dont know whether those bitUSD are backed by btsx or notes...

+ how is that legally for an artist to issue shares in his success? As far as I understood, the artistcoinholders will get a share in the artist profits and not just some product like with kickstarter....

[cob]

Is the 45% presale going to be buy x amount of shares for y price?  Or is it going to be like If say 1000 people participate in the presale then 45% of the shares will be split between them weighted by how much they contribute?

I will be a fixed price in BTC for a fixed amount of Notes. Very similar to what Ethereum did. I believe they started with 2000 ether for 1btc, then scaled it down each few weeks. We are doing the same.
Only the final amount of Notes will not be decided yet. Meaning Notes cannot sell out. So if only 1000 Notes sell in the pre-sale. then that means the total amount of notes on the blockchain will be 2222.22 Notes.
If 1 million Notes sell, that means the total amount of Notes at Genesis block will be 2 222 222 Notes.

For those that have seen the FAQ page, where it says there will be 2billion notes at genesis block, that is out of date, it was based on BitSharesX before the details of the Pre-Sale where written out.

[cob]

@cob .. can the community be of any assistance when it comes to marketing? do you already have a marketing strategy?
Anything in general we can do to make this a success?

Goal 1 is the pre-sale. So will just be focusing on the crypto world. Since they are the only ones that can actually purchase some Notes (they alone have BTC)
So as soon as our little landing page / pre-sale page is finished, we will be marketing towards the crypto people.

So we will greatly appreciate help on that side. If you know anyone interested in crypto in general. Point them to our site.
I will do my best to explain exactly how it works and what the potential is to you guys. Then you can go viral on their asses haha
Anything helps really. understanding it first of all. Then explaining it to people that might want to get in on the pre-sale.

Once the Pre-sale is done. Then we will be marketting to the music world. We let Eddie go to town on all his contacts.
On a peer 2 peer level, if you guys know any bands or musicians, point them our way. Link them to our newsletter sign up, to our (upcoming) explainer videos, etc. Eddie will focus on the big names, but this is for everyone, every local band should understand how turning their fans into promoters can help their career!

I will let you all know when we get to stage 1. In just a few days really!

[xeroc]

So there will be a bitUSD market  that will work in Bitshare Music, and the collateral will be notes ? Is this right ?

that's my understanding ... and I would guess that bitEUR,bitCNY and some others will be available too